2024-06-04 10:31:27
Ethereum-ETF was approved: experts expect the price to skyrocket to $4,500. Gaming Notcoin soared 300% in a week. Japanese crypto exchange was robbed of $300 million. Mastercard launches P2P transfers
Decision on spot ETFs will push Ethereum rate up, expert says
Ethereum price may rise to $4500 even before the appearance of ETFs (spot exchange-traded funds) based on the crypto coin. Arthur Cheong, top manager of the investment company DeFiance Capital (Singapore), shared the corresponding forecast.
The U.S. regulator SEC approved applications for Ethereum-ETF on May 23. The exchange rate initially responded by rising to $3,900 but then declined to $3,600 and headed for correction. As of June 4, Ethereum is traded at $3,770. About 800,000 ETH ($3 billion) has been withdrawn from cryptocurrency exchanges since the approval of applications. The lower supply will also contribute to the growth of the coin’s exchange rate.
Ethereum-ETFs are not yet traded on the market. This will happen after the SEC signs registration applications from fund issuers. According to experts, the process could take weeks or even months.
The crypto community considers the positive decision on Ethereum-ETF as an “implicit recognition” by the regulator that the asset does not belong to securities. JPMorgan analysts attribute it to the U.S. presidential election and believe that new ETFs will appear on the market well before November. As for demand, it will not be as high as for Bitcoin funds, according to banking experts. The reasons are as follows:
- ETFs based on the first cryptocurrency have become pioneers.
- Halving took place in the Bitcoin network in April, while Ethereum has no such feature.
- Fund issuers have rejected the option of staking.
According to experts at Standard Chartered (UK), 2025 may launch a new wave of spot crypto funds, resulting in the world seeing ETFs based on Solana and Ripple.
Notcoin skyrocketed 300% in a week, breaking a price record
The gaming token Notcoin hit $0.029, updating a price record. A 30% increase in the rate was recorded on June 2. Over the last week, the token’s value has added 317%.
The volume of transactions in the Notcoin network on the day of the record increased significantly, reaching $4.673 billion per day. The total value of NOT/USDT transactions on Binance reached $2.36 billion, almost doubling the figure for BTC/USDT. On June 3, the gaming token ranked fourth in transaction volume after Bitcoin, Ethereum, and USDT in the Coingecko ranking. Over the last 24 hours, the trading volume dropped to $1.987 billion.
Let us remind you that at the end of May, thanks to the Notcoin project, a new type of passive earnings on crypto became available. Users can receive tokens for studying the applications of network partners and joining their communities.
Hackers hacked Japanese exchange DMM Bitcoin and stole $300 million
Japanese crypto exchange DMM Bitcoin suffered a massive cyber-attack. It was recognized as the seventh-largest theft of cryptocurrency and the largest loss since the FTX hack. Attackers robbed the crypto exchange of 4,502 BTC ($306 million). The incident occurred on May 31, as officially reported in DMM Group.
DMM Bitcoin crypto exchange promised to compensate customers for the stolen assets, assuring that all their deposits will be restored. The platform currently imposes some restrictions. Specifically, users have been warned that transactions may take longer than usual. The scheme of the hack is not disclosed.
Let’s recall that the FTX heist was recorded in November 2022, as a result of which $477 million was withdrawn. The founder of the platform Sam Bankman-Fried was found guilty of fraud and sentenced to 25 years in prison. Recently, it was reported that the lost funds can be returned to customers. The downside is that the compensation will be paid in dollars at the rate relevant at the time of the site’s bankruptcy.
P2P cryptocurrency transfers are now available with Mastercard
Mastercard is launching a pilot Crypto Credential project. It will allow customers to perform crypto transfers according to the P2P principle. The service will work in several Latin American and European countries.
It is known that Mastercard customers will not have to enter long wallet addresses to make transfers. They will be replaced by short identifiers, which the company plans to provide to each client.
P2P transactions will be available on Bit2Me, Lirium, and Mercado exchanges, as well as to Foxbit and Lulubit wallet owners. Mastercard plans to expand the list of platforms in the future.
The statement says that P2P transfers will be Travel Rule-compliant. These are international regulations that aim to combat money laundering and terrorist financing. It says Mastercard will collect and store transaction data.
In addition to P2P, Crypto Credential members will be able to transfer NFT to each other, buy tickets with crypto, and use other services that will become available in the future. It is expected that with the launch of the project, the payment corridor between the European and Latin American continents will become easier and safer.
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